Property Logic Signs Golden Tulip to Operate Tulip Residences in Morocco

Within the Le Jardin de Fleur Resort Development in Saidia, Morocco

. October 22, 2008

LAUSANNE, Switzerland, October 15, 2008. Golden Tulip Hospitality Group signs management contract with Property Logic for upcoming Tulip Residence in Sa"idia, Morocco.

Golden Tulip Hospitality Group is proud to announce the signing of the management contract for its second Tulip Residence worldwide. The construction of the resort in Saidia, Morocco is well underway and is expected to be accomplished in October 2009.

Tulip Residences Sa"idia is comprised of 234 spacious residences ranging from 2 to 4 bedrooms options to accommodate up to 1000 guests. As the rooms are intended for extended stays, they are fully serviced and equipped with home-like comfort. In addition, the resort will feature a Moroccan-style Clubhouse, 3 outdoor lagoon pools set amongst landscaped gardens, a themed restaurant and a caf'e-bar, tennis courts and an amphitheatre for family entertainment.

The resort will be located in the new leisure destination of Mediterrania-Sa"idia on the northeast Mediterranean coast of Morocco, 30 minutes drive from Oujda International Airport. The 7,000,000 m2 area boasts 6 kilometres of unspoilt beaches, three 18 hole golf courses, a marina with over 1300 berths, 9 hotels, 3000 residential and touristic properties, conference facilities and a large range of sports, shopping, dining and entertainment options.

Hans Kennedie, President and CEO of Golden Tulip Hospitality Group comments: "Tulip Residences are an ideal alternative to hotel rooms as they offer the leisure traveller fully-serviced, tastefully furnished properties that combine luxury and elegance with all the home-like comforts and services you could wish for. Sa"idia is a fantastic location with immense potential so we are proud to choose this location to launch our first Tulip Residences concept outside Europe."

David Woodward, Director of Hotel & Commercial Operations at Property Logic and Developer of Le Jardin de Fleur Resorts in Sa"idia adds: "We believe that Golden Tulip has a wealth of expertise in terms of service delivery, operations and reservations capacity. Their intuitive Tulip Residences brand is a perfect fit for Sa"idia as it offers flexibility, exclusivity and luxury - the three cornerstones of the Le Jardin de Fleur brand."

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